Diary

Barack Obama's 2009 Financial Plan

Item Cost $BillionPreliminary Budget 500Additional War Costs 70- (only six months in budget)

Obama ProgramsNew Health Care 65Additional Medicare 100Tax Rebates and Credits 100Green Energy 15Increased Education Aid 18National Service Plan 3.5Increased Foreign Aid 25Bridges and Dams 6 Home Foreclosure Assistance 10

Total Obama 342.5

Pelosi/Reid Stimulus 300Bear, AIG, Fannie /Freddie cost 200 (est. could be higher)Bailout Cost 700

2009 Deficit Grand Total 2.455 trillion

Obama Deficit Reduction Plans $ BillionRaise Taxes on Top 5% of Taxpayers 140 (See note 1 below)Raise Corporate Taxes 370 (note 2 below)Buy Foreign Medicaid Drugs 6Medicare cuts (unidentified) 37Wartime Troop Reductions 55Tax on Energy (3) 100 (note 3)Unidentified corporate “loopholes and tax havens” (4) 100 (note 4)

Total “Reductions” 808 (note 5)

Remaining 2009 Deficit 1.647 Trillion

Notes1-Top 5% of taxpayers paid 42% of taxes in 2004 (latest IRS figures); Probably paying over 50%, now. Top 10% paid 70%. Top 40% paid 88%. Bottom 50% pay no income taxes. Bottom 20% earned 41% of their income, got 59% from transfer payments, e.g. Earned Income Tax Credit, Welfare and social services, Medicaid. (2004 IRS figures) In 2004 the top 60%,who earned $42,300 or more, made $1 trillion in transfer payments to those who earned under $42,300, $349 billion to those earning $23,000 to $43,000, $646 billion to those who earned under $23,000.
2-High corporate taxes raise prices, reduce competitive strength, reduce US investment and job opportunities.
3-Another corporate tax4-One more corporate tax5-88% of the “reductions” are really taxes that will weaken our economy. The troop reduction will weaken defenses.
If elected Obama will lead us deeper into a Tyranny of The Least Productive